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Using current payment methods comes with high payment processing fees coupled with the high
fees charged by e-commerce platforms on any sales made by retailers using their platform. These
fees often start from around 2-3% of the total purchase price of any transaction.
Blockchain e-commerce projects such as Request Network and ECoinmerce have an aim to create a
blockchain based marketplace using fast and secure transactions
for any e-commerce business
model. Request Network also wants to utilize blockchain technology for the financial transactions
aspect of the e-commerce industry by providing low cost financial transactions,
high security
standards, and an overall amazing customer experience.
Supply chain management.
This is perhaps one of the most important aspects of the e-commerce
industry since the current supply chain system has issues only blockchain
technology can solve in
today’s, fast-moving e-commerce business world.
Blockchain projects like VeChain aim to create an incorruptible visualization of the supply chain
process. Since data validated on the blockchain network is virtually incorruptible, the supply chain
process on a supply chain focused blockchain network is a much-needed solution for supply chain
management problems facing the e-commerce industry today.
An incorruptible blockchain network will provide a transparent supply chain where consumers can
see the order
flow of the products they buy, helping increase consumer confidence.
